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7. Payment of Assessments. Aurora will continue to timely pay all assessments and fees <br /> associated with the Meredith Reservoir Water during the Term. Chris Tomky will continue to pay <br /> all assessments and fees associated with the Twin Lake Shares during the Term. <br /> 8. Transit Losses. Each Party assumes all responsibility for transit losses associated with <br /> carriage of the"water from the Delivery Point to the place of use. <br /> 9. Water Use Accounting. For each calendar year of the Tenn and for accounting purposes <br /> only, Aurora will add the Twin Lakes Shares to the shares it owns in the Twin Lakes Reservoir <br /> and Canal Company. For each calendar year of the Term, Aurora will provide reporting and <br /> accounting for the Meredith Reservoir Water delivered to the Delivery Point.All other accounting <br /> or reporting required by the Colorado State Engineer,the Division 2 Engineer,or any other lawful <br /> authority concerning the water that is the subject of this Agreement,including proof of the usability <br /> of the Meredith Reservoir Water and conveyance to the Delivery Point will be the responsibility <br /> of the Party owning the water right. <br /> 10. Water Quality. The Parties make no guaranty or warranty regarding the quality of the water <br /> that is the subject of this Agreement, including the presence or absence of any particular water <br /> quality constituent. <br /> 11. Parties to Obtain Any Necessary Permission. The Parties agree that it will be their sole <br /> obligation and risk to obtain any necessary permission for the withdrawal, diversion, carriage, <br /> exchange, storage or use of the water that is the subject of this Agreement after the water is <br /> delivered to the Delivery Point. Each Party agrees that it will cooperate with the other Party in its <br /> efforts to obtain any required quantification, permissions or approvals to the extent those efforts <br /> are consistent with this Agreement, and so long as those efforts do not result in any significant <br /> expense to the Party. However, the Parties may not change in any way, in any decree, permit, <br /> license, agreement or element of or related to the water rights and other rights that are part of and <br /> comprise the sources of the water that is the subject of this Agreement. Each Party specifically <br /> recognizes and agrees that it must follow all applicable statutes, rules, regulations, and lawful <br /> administrative orders regarding its transportation and use of the water after it is delivered to the <br /> Delivery Point. <br /> 12. Rieht of First Refusal. During the Term, Chris Tomky grants Aurora a right of first <br /> refusal for purchase of the Twin Lake Shares. Aurora's right of first refusal applies to any written <br /> agreement for purchase or purchase of associated storage right on any number or portion of the <br /> Twin Lakes Shares,but does not apply to transfers to or among persons or entities related to Chris <br /> Tomky. To exercise its right of first refusal, within forty-five days after receipt by Aurora of a <br /> bona fide fully-executed purchase contract,Aurora must provide written notice to Chris Tomky of <br /> its intent to purchase together with a non-refundable cash earnest money deposit equal to the cash <br /> earnest money specified in the purchase contract. Aurora's election to purchase shall be subject to <br /> no contingencies except title,which contingency shall be deemed waived unless Aurora provides <br /> Chris Tomky with a notice of termination of its rights pursuant to this paragraph within 10 days of <br /> receipt of Aurora's written notice of intent to purchase. Closing on the purchase shall occur on a <br /> mutually acceptable day following Aurora's notice of exercise. If closing occurs later than the day <br /> specified in the purchase contract, or more than 60 days following Aurora's notice of exercise of <br /> 3 <br />